Deerfield Management Co. LP will buy the 12-story building at 345 Park Ave. South in New York City from RFR Realty LLC for $345 million, The Real Deal reported.

Deerfield, a medical fund manager, seeks to convert most of the space in the building into laboratory space, and aims to gain about $97.4 million in city tax breaks for the transaction, the publication noted, citing a cost/benefit analysis from the city's Industrial Development Agency.

The buyer also sought a five-year, $525 million loan from CBRE to fund its purchase of the vacant building.